Trump signs $380 billion arms deal with Saudi Arabia

Trump signed a series of deals with Riyadh worth a total of $380 billion, about a third of which are security transactions. Trump: "This is a tremendous day." Saudi Arabia's Foreign Minister: "This is the beginning of a turning point."

With the arrival of US President Donald Trump in Saudi Arabia this morning, a $110 billion arms deal was signed between the two countries. The move demonstrates "commitment to our partnership with Saudi Arabia and our Gulf partners," the White House said in a statement. "This is the beginning of a turning point in Saudi-US relations," Saudi Foreign Minister Adel al-Jubeir said after a meeting with the US Secretary of State.

The agreement, worth $110 billion immediately and $350 billion over ten years, is part of a larger push for economic reform in Saudi Arabia. Lockheed Martin said in a statement that this deal will "directly contribute to [Saudi Arabia's] Vision 2030 by opening the door for thousands of highly skilled jobs in new economic sectors." In a statement to journalists, Trump spoke of "hundreds of billions of dollars of investments into the United States and jobs, jobs, jobs. So I would like to thank all of the people of Saudi Arabia."

"This package of defense equipment and services support the long-term security of Saudi Arabia and the Gulf region in the face of Iranian threats, while also bolstering the Kingdom's ability to contribute to counter terrorism operations across the region, reducing the burden on the U.S. military to conduct those operations," the White House said in a statement.